Unusual request on propert purchase in North Cyprus

kyreniagirl


Joined: 01/01/2009
Posts: 51

Message Posted:
14/06/2011 19:26

Hi. We have had an offer on our property through an estate agent. The purchaser proposes to pay a down payment of approx 2/3rds of the selling price with a payment of £1000.00 per month for the next 3 years. The estate agent doesn't seem to think this is unusual & apparently our solicitor has drawn up contracts for similar arrangements. Is this a common practice in TRNC? I'm sure you can imagine the senario if he defaults - who owns the property being the main one! I would appreciate a reply if anyone has any experience of this type of purchase. Many thanks.

rowlo



Joined: 12/10/2008
Posts: 4796

Message Posted:
14/06/2011 19:28

dont be silly ,

mahdel


Joined: 28/05/2009
Posts: 255

Message Posted:
14/06/2011 19:29

you'll get paid 2/3 and never see the rest, if of course you get the original 2/3

Camper


Joined: 13/06/2011
Posts: 7

Message Posted:
14/06/2011 19:37

tell the purchaser (through your solicitor) to get a bank loan/mortgage then they can pay that the £1000 per month. Or tell the estate agent and solicitor they will have to wait for their money until the final payment has be made. If they don't accept it, why should you?

ttoli


Joined: 24/03/2007
Posts: 1172

Message Posted:
14/06/2011 19:38

Sounds fair to me, On the date that the final Instalment is made, you hand over the keys and allow them to move in.

kyreniagirl


Joined: 01/01/2009
Posts: 51

Message Posted:
14/06/2011 19:46

Yep. Thought so. Many thanks for confirming our initial reaction - I think making the agent wait for their commission is a good one!!

walkerscott


Joined: 13/08/2009
Posts: 901

Message Posted:
14/06/2011 19:55

http://www.no-deeds-no-money.moonfruit.com

* don't hand over the property or sign over the property until the funds are paid.

* no property transfer until all funds are cleared.

* Depends how desperate you are, don't trust anyone or assume the payments will be made. Base your decision on the worst case scenario and see if you can live with that!?

* if you do go ahead, then Money and Memorandum against property!

ttoli


Joined: 24/03/2007
Posts: 1172

Message Posted:
14/06/2011 20:23

I know of two people that have been caught like this here, Dont take the chance

Stonehousepub


Joined: 21/05/2009
Posts: 755

Message Posted:
14/06/2011 21:54

I would'nt if I were you... It could get extremely complicated.



If you really need to go down this road then do so with caution and ensure the deeds remain in your name until payment is made in full three years along the line, i would also add 10% interest to the repayments.

TRNCvictim


Joined: 17/08/2010
Posts: 1417

Message Posted:
14/06/2011 22:21

Kyreniagirl (mess 1)



Always remember (NO MONEY ON DEEDS) even 2/3rds who is your Estate Agent who thinks it's not unusual?

kyreniagirl


Joined: 01/01/2009
Posts: 51

Message Posted:
18/06/2011 20:03

Update - the purchaser has decided to rent the flat for a while & maybe purchase later, so no decision required thank goodness, although we were going to decline anyway.

natalie


Joined: 03/05/2009
Posts: 323

Message Posted:
18/06/2011 21:27

Kyreniagirl, go to Boray, if you have got Deeds they are amazing. Sold in four weeks, thirteen plus views, three offers, they are so professional, we are well pleased. Looking forward to moving to Karsiayka

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
18/06/2011 21:33

hi..it is no problem....they do not register or have the deeds until you have received full payment..it is no different from a mortgage ( the bank is the owner until all the mort is repaid )....you stay the legal owner

Naomi memhet or your lawyer can draw up the contract



your new buyer can still resell if they like..but must repay you all that is outstanding before you will hand / sign it over

hope this helps

Garythegeezer


Joined: 05/02/2007
Posts: 102

Message Posted:
18/06/2011 21:44

Don't touch it with a barge pole. If they want and can afford your place then ask them to pay in the normal way.

TRNCvictim


Joined: 17/08/2010
Posts: 1417

Message Posted:
18/06/2011 21:48

Stewart (mess 13)



What is "No Problem"? you should be very careful what you are advising is "No Problem"! in Cyprus! there is No Law to back up your claim of "No Problem" Naomi Memhet can get extremely rich on "No Problem" "Cases"



In any civilised Country "No Deeds No Money" (You Pay your Money you get your DEEDS)



WHY would anyone pay their money if they don't get their DEEDS?....................

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
18/06/2011 21:54

I bet they move in and never pay the rent... or they do for a while then stop and you can't get them out.

Brinsley


Joined: 04/04/2009
Posts: 6858

Message Posted:
18/06/2011 22:06

Don't even think about it. Even if title deeds aren't signed over until the last 1/3rd tranche is paid you'll still be liable for the (unpaid?) services and as for eviction, breach of contract costs etc, you can kiss your first 2/3rds goodbye. The simple solution is to put your asking price up by 1/3rd, take the hit as agreed in the first agreement and walk away happy with the cash money you've got not expecting anymore dosh!



Richard

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
18/06/2011 22:07

It's bad enough buying within the current legal framework. There seems to be a problem with the fact that they cannot afford the asking price. This would worry me.



If it is no different to talking out a mortgage then why don't they do this?



Message 8 states that he knows 2 others that have been caught out by doing this. That should be all the information you need to make a decision.

suehowlittle


Joined: 31/10/2010
Posts: 1202

Message Posted:
19/06/2011 09:49

But is it true that Cypriots can only borrow up to £60,000 on a mortgage? There is so much heresay and never find out the 'true facts'

andre514


Joined: 05/10/2010
Posts: 763

Message Posted:
19/06/2011 16:10

message 1:



agree with groucho, and it sounds like a lower offer to me



did you ever meet with these people, they sound slippery:



why should they rent when they planned to buy?

kaiserphil


Joined: 14/12/2008
Posts: 1096

Message Posted:
19/06/2011 16:12

We had offers like this when we were selling. Of course, they wanted to move in at once!

I wouldn't dream of it!

kyreniagirl


Joined: 01/01/2009
Posts: 51

Message Posted:
22/06/2011 20:25

Hi. Thanks for all your comments & advice. The whole thing has gone away thank goodness. Tenanats have moved in & have paid deposit & a month in advance so fingers crossed. I don't think we'll be selling to them any day soon - my blood pressure wouldn't stand it!

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
23/06/2011 22:58

''The estate agent doesn't seem to think this is unusual & apparently our solicitor has drawn up contracts for similar arrangements.''



That should be your first warning about the system here.You will find quite a lot of things that solicitors and estate agents dont think is unusual ,Oh and Banks.



Dont touch, What happens if they refuse to pay.? Take them to court ? Would take ages and if the buyers were TC and you arent,well just forget it completely.



Far better to calculate how much bank interest you would lose over the three years and reduce the price by the amount.